Companies Act 2014

F323[Proceedings at meeting under section 558T

558V

558V. (1) This section applies in relation to a meeting called by the process adviser under section 558T.

(2) The process adviser or, if the process adviser is unable to act, someone nominated by him or her shall be chairperson.

(3) The chairperson may, with the consent of the meeting, adjourn it from time to time and from place to place but the adjourned meeting shall be held at the same place as the original meeting unless in the resolution for adjournment another place is specified.

(4) The chairperson of the meeting shall cause—

(a) minutes of the proceedings at the meeting to be drawn up and entered in a book kept for that purpose and signed by him or her, and

(b) a list of members or creditors present at the meeting to be made and kept in such form as may be prescribed and such list shall be signed by him or her.

(5) Other than on the matter of an adjournment, a meeting may not act for any purpose, unless there are present or represented at the meeting—

(a) where only one meeting of members and one meeting of creditors requires to be held by virtue of section 558T

(i) at least 2 members, and

(ii) at least 3 creditors entitled to vote or all the creditors entitled to vote if the number entitled to vote shall not exceed 3,

or

(b) where separate meetings require to be held by virtue of that section in respect of members and creditors (or any class of members or creditors)—

(i) in the case of a meeting of members, at least 2 members, or

(ii) in the case of a creditors’ meeting, at least 3 creditors entitled to vote or all the creditors entitled to vote if the number entitled to vote shall not exceed 3.

(6) If within 30 minutes from the time appointed for the meeting a quorum of members or creditors, as the case may be, is not present or represented, the meeting shall be adjourned to the same day in the following week at the same time and place or to such other day or time or place as the chairperson may appoint.

(7) However, the day so appointed by the chairperson shall be not less than 4 nor more than 10 days after the day from which the meeting was adjourned.

(8) A person who fails to comply with subsection (4)(a) or (b) shall be guilty of a category 3 offence.]

Annotations:

Amendments:

F323

Inserted (7.12.2021) by Companies (Rescue Process for Small and Micro Companies) Act 2021 (30/2021), s. 3, S.I. No. 673 of 2021.